Tuesday, March 24, 2009

More economic issues


FLASHBACK: Kremlin to Pitch New Currency...


BEIJING TO PITCH NEW GLOBAL CURRENCY; DUMP DOLLAR


OBAMA TO THE RESCUE!

PLAYS HIS $1 TRILLION CARD...

S&P 500 Caps Biggest 10-Day Advance Since 1938...

A lasting rescue rally?

Oil climbs above $54 on stock market rally...
IMF: Economic crisis dire, risk of unrest and war...
UPDATE: 15 of top 20 AIG execs have given back all bonus money...

China Urges New Money Reserve to Replace Dollar

By DAVID BARBOZA

In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar. Continue


Judgment Day for Geithner

By Mike Whitney

Insolvent financial institutions have to be taken into receivership and liquidated. Shareholders and bondholders will have to take a haircut. And Geithner, Summers and the rest of the White House banking fraternity will have to resign or be fired. Obama should mull over Albert Einstein's sage advice when he said, "The problems we face today cannot be solved by the minds that created them." Continue


America Is in Need of a Moral Bailout

By Chris Hedges

In decaying societies, politics become theater. The elite, who have hollowed out the democratic system to serve the corporate state, rule through image and presentation. They express indignation at AIG bonuses and empathy with a working class they have spent the last few decades disenfranchising, and make promises to desperate families that they know will never be fulfilled. Continue


Five Reasons Why Americans Won't Resist

By Mickey Z.

With the stakes never higher than they are now, why aren't activists ramping up the pressure and looking beyond tactics that are allowed by those in power? Here are my five guesses: Continue

Obama Envoy Richard Holbrooke Served On AIG's Board: Obama administration special envoy Richard Holbooke was on the American International Group Inc. board of directors in early 2008 when the insurance company locked in the bonuses now stoking national outrage.

Gregg: 'This country will go bankrupt': Even though he was almost a member of the new Obama administration, New Hampshire Republican Judd Gregg Sunday slammed President Obama’s approach to handling the country’s fiscal outlook.

China backs talks on dollar as reserve -Russian source: China and other emerging nations back Russia's call for a discussion on how to replace the dollar as the world's primary reserve currency, a senior Russian government source said on Thursday. Russia has proposed the creation of a new reserve currency, to be issued by international financial institutions, among other measures in the text of its proposals to the April G20 summit

How big a deal is the loss of the dollar's reserve status?: To answer this question, lets first calculate just how large are the dollar holdings of foreign governments. From the CIA’s world Factbook, below is a ranking of countries by reserves of foreign exchange.

Rescue Plan, With Some Fine Print, Dazzles Wall Street: This time President Obama directed some of the stagecraft. This time Treasury Secretary Timothy F. Geithner fleshed out the substance of their long-anticipated program to remove banks’ toxic assets and revive the financial system. And this time the reaction was widely positive, giving the embattled Mr. Geithner a critically needed boost.

Geithner, Obama Kowtowing to "Massively Corrupted" Banks, Galbraith Says: Like it or not, many people seem to be resigned to the idea there's no alternative to the public-private investment fund scheme Treasury Secretary Geithner detailed this morning. That's hogwash, says University of Texas professor James Galbraith, author of The Predator State. Of course there's an alternative: FDIC receivership of insolvent banks.

Existing Home Sales Fall 4.6%: Home prices dropped 15% from the same period one year ago; Despite the price drop, sales fell 4.6%. How anyone can try to spin this as a positive is beyond my mathematical comprehension.

Real estate investors: ‘Tsunami’ still ahead: Unemployment will peak between 10 percent and 12 percent, according to professional real estate investors informally polled this week.

China To Keep Buying US Treasuries

Geithner, Obama Bowing To 'Massively Corrupted' Banks

Geithner's Plan 'Extremely Dangerous' - Galbraith

Ellen Brown - Captured By The Debt Spider

Obamanomics - This Country Will Go Bankrupt

The Economy - Let It Die

MT Ponders Return To Gold, Silver Dollars

60 Minutes To Obama 'Are You Punch Drunk?'

China Proposes Global Monetary Overhaul

Chinese Stockpiling Spurs Copper Price Rally

Global Drought Won't End Until Banks Are Fixed

Daimler Saved By Middle Eastern Wealth Fund

Daily Mail Cuts 1,000 Jobs As Sales Dive

Barky Appeals To 'Good Guys' Of Wall St (huh?)

Zombie Tim's $1T Toxic Derivative State Bailout

Down The Memory Hole - Alan Greenspan Style

Cook - Barky's Program Increases Bondage To Wall St

Americans Enraged By New AIG Bonus Revelations

Obama Should Note Growing Anger In America

Geithner's Bank 'Rescue' Not Enough

London Braces For Mass G20 Protests

Hopes Fading For Salvation At G20

G20 Warned Rage Will Sweep Globe

RBS Traders (Traitors) Hid Toxic Debt

UK To Stay In Deflation At Least Until 2012

Thomas Jefferson's Warning

WTC Silverstein Wants MORE - 4.55B Is Not Enough!

WTC's Silverstein Wants Taxpayer Bailout!


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